Waterton Lands Charlotte Community for $51M

Waterton spent $51.9 million for 22 three-story buildings with 426 residences in Charlotte's Mallard Creek submarket.

Charlotte, N.C.Waterton recently acquired Addison Park, a 426-unit apartment community sitting on 44 acres in Charlotte’s Harris Boulevard. The property was purchased for $51.9 million, according to the Charlotte Observer. Waterton already announced plans to renovate interiors and common areas of the complex.

Addison Park

Addison Park

Addison Park comprises 22 three-story buildings with attached, direct-access garages. With one-, two- and three-bedroom floorplans, the community offers a range of amenities such as two resort-style swimming pools with sun decks, a resident clubhouse, 24-hour fitness facility, a business center, outdoor grilling area, children’s playground, car detailing station and an on-site “bark park” with grooming station. Monthly rents range between $775 and $1,430.

“There continues to be strong demand for luxury rental housing in Charlotte,” said Matthew Masinter, senior vice president of acquisitions at Waterton, in prepared remarks. “This was an opportunity to acquire an attractive asset in a highly sought-after location, with proximity to schools, retail and major employment centers like Charlotte’s University Research Park.”

The property offers convenient access to a variety of shopping, dining and entertainment options, including Northlake Mall, Belgate Shopping Center and Concord Mills. Nearby major employers in University Research Park and University City include Wells Fargo, Allstate, Aon Hewitt, TIAA and Electrolux. University of North Carolina at Charlotte, Charlotte Douglas International Airport and Charlotte Motor Speedway are also located in close proximity.

Image courtesy of Addison Park